Invest With Plum Savings

Way back in February I wrote about some apps which will help you save money this year.

One of the apps I included was the Plum app and over the year they have become an app which I really like and which has helped me up my savings, allowing me to turn to them when I have an unexpected expense or a rainy day.

I thought now would be a good time to revisit this app and have a chat about just how it can help you save and then invest your pennies.

Who Are Plum?

It would be rude of me to jump in and assume you read my February post.

So I thought it was best to start with a recap on Plum and how Plum works.

They are an AI (Artificial Intelligence) led saving app, which runs via Facebook messenger. They are bank grade secure and link to any UK bank account to help you save what you can afford. 

Over time the clever little AI analyses your spending patterns, knows when your pay days are and when bills are due and as such can predict what you can afford to save from your current bank account balance.

Amazingly in the first month of using a Plum account people save between £25-200 on average.

What’s more in 2017 alone Plum users managed to save over £20 million by setting money saving targets.

Plum can also help users identify savings they can make on their spending and can even help them switch providers if a lower payment rate is found.

Your money with Plum is never at risk as they don’t lend out, as banks do. However, this does mean that you don’t earn any interest on your savings.

Can it get any better?!

Invest With Plum

Of course it can!

If you are looking to put money away, take your savings to the next level and you want to earn a little back then Plum offer you a way to open a Stocks & Shares ISA or GIA with them and quickly invest your Plum savings into it.

Before I go any further I should say that stocks and shares do go up and down, So investing in any such plan like this should be something you look to do over the long-term in order to get the best return on your money.

Personally, I have seen my investments rise and fall. But when they fall it isn’t something you should panic about. Especially when you’re using a platform like Plum as they are all about making you money.

Plum investing is aware that most of the people using it are likely to be first-time investors and as such, they make sure it is a simple system to use and understand.

They allow the chance to invest within six mutual funds:

Basic Funds:
Conservative
Balanced
Growth

Advanced Funds:
Tech
Ethical
Emerging Markets

Your money can be withdrawn at any time.

So How Do I Invest With Plum?

Signing up to Plum is simple I promise!

All you need to do is get chatting with the AI via Facebook Messenger. It takes just a few minutes to link your account and you can choose to kick off your savings from the get-go.

There are two ways to start your saving:

1. Allow the AI to start taking money automatically for amounts it thinks you can spare.
2. Ask the app to withdraw an amount from your bank to kick it off.

Once you have some money in your savings wallet on Plum, you can start to think about investing.

All you need to do is click on the investment button on your app and Plum will walk you through the setup.

You have the choice, as I said, of either a Stocks & Shares ISA or a General Investment Account and it is worth making sure you know which of these is right for you.

Next up you’re going to want to choose not only your risk level but the type of fund you wish to invest into out of the six available.

While you are on this part of the set up there is lots of information to read through, so sure you spend some time checking out the returns on each one by clicking learn more. Yes looking through six may feel like it will take a while but it is worth it.

After all, this will help you understand more about how long-term investments mean more of a return. While also showing you how investments can quickly drop in value as well as rise.

Once you have chosen the right one for you it’s just a matter of clicking buttons. However, if you feel like playing the board a bit you can choose to invest in as many as you want, adding different savings to each one.

So you have opened your investments, all you need to do is add your pennies. You can invest into any of your funds at anytime by using the money in your Plum savings.

Here’s The Big Question – What Does it Cost To Invest With Plum?

OK, the big question has to be how much does it cost?

Plum offers the first month free so you can try out their investment programme and see if it is for you.

After that Plum will charge you fund management and provider fees. It costs £1 per month, assuming you have funds in an investment. There is also a Product provider fee of 0.15% (this is an annual fee which is charged monthly) and a Fund fee which is dependent on the fund but comes in between 0.22%-0.9%.

If you look at that and think what?! How will I know I’m making more than I’m spending?

Don’t worry as Plum is invested in making sure you are earning and if you happen to be earning less than you are paying Plum will let you know and allow you the choice to remove your Investments. Great hey!

So if you’re thinking about investing or just want to save a little why not look into Plum?

You may find out like I did, that it is just a bit easier to invest than you ever thought and with Plum by your side, you are bound to not feel alone.

Have you ever tried investing, if not what puts you off and would you think about giving it a go with Plum?

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